“Moving to this facility will enable us to reduce our carbon footprint, further streamline our cost structure and attract high caliber talent as we reposition the company for future growth,” said Deep Down President and CEO Charles Njuguna. “Being located close to the George Bush Intercontinental Airport in Houston will also make it easier for our national and international customers to stop by our facility as they travel into and out of Houston.”
Located at 1310 Rankin Road, Deep Down entered into a commercial lease agreement with Wellbore Integrity Solutions, LLC for the lease of approximately 101,000 square feet of office and warehouse space. The term of the lease is for ten years, with a commencement date of no later than May 5, 2022. Deep Down will primarily use the facility for fabrication of custom engineered products, such as its steel flying leads and various umbilical accessories, as well as other subsea equipment for both oil and gas and renewable energy applications.
